If you are living in Canada, you need to consider investing in real property. This is where Toronto preconstruction condos come in. Note that investment in condos still remains one of the best methods you can use to make money. This article gives you an insight on how you can benefit when you partner with Toronto condo project in your investment endeavor.
First, as a condo investor, you have more options when it comes to investing in condos. First, you can rent out such condos on a twelve- month lease (unfurnished). This option will guarantee you not less than $1600 for 1 bedroom in many parts of Toronto. This strategy is important since it ensures that you purchase any Toronto preconstruction condos, whose vacancy rate is close to zero.
To increase the amount of money you can make from such condos, consider furnishing it before renting it out on short term basis. In fact, renting it out for 3- 6 months may be the best option. Under this arrangement, you will be guaranteed of not less than $ 2000 per month. However, this option comes with the risks of high vacancy rate.
The third option is to buy a Toronto preconstruction condo, furnish it and rent it out by night. This can fetch you about $3,000 per month if it is fully occupied. One of the reasons why you should use Toronto condo project is that there are high chances that you can make a huge ROI on any investment you make.
Speculating in not investing
In most parts of Canada, condos are the only affordable units you can invest in. According to statistics released every month. The average prices of the units have continued to increase. This suggests that the condo market is growing and guarantees substantial returns in a short period of time.
Why you should consider Toronto condo project
Anyone looking for a pre-construction condo unit in the neighborhood of Toronto has many options to choose from. Unfortunately, none of the available options avails opportunities of buying the units at a discounted price as it is when you consider Toronto preconstruction condos. This is the only place you can buy the units at discounted prices before they are released to the public at exorbitant prices. This is certainly a great deal for any prudent investor. Also, most of the Toronto preconstruction condos are situated in strategic places meaning that it will take the investor a relatively shorter period before he starts earning income from the property.
Also, Toronto preconstruction condos allow you to know in advance the expenses you will be expected to foot before you buy the property. This is important since it can help you know the amount of money you will make out of the investment you make. Realtors will also give you an accurate maintenance fees you will be expected to make within the first year of your occupancy. Lastly, Toronto preconstruction condos realtors will give you the estimated tax bill meaning that you will be able to avoid the hefty bills paid because of delayed tax assessment.
2 Buying Toronto Preconstruction Condos in GTA
Investing in Toronto preconstruction condos project is the only mean that guarantees you a return on your investment. Unfortunately, most realtors in Canada will not make it easier for you to invest in property. To avoid taking part in the guess work, you need to buy property that guarantees to make money for you in a short time possible. If you are living in GTA, Preconstruction condos in gta could be the best option for you. Here, you really do not have to worry about what will happen since the existing units guarantee you a quick cash flow and assures you a positive return on your investment.
When you invest in Toronto preconstruction condos, you are assured to start making money immediately. Here are things you need to know about Toronto preconstruction condos.
Unlike other builders that require you to make a deposit in excess of 20 %, when you buy Toronto preconstruction condos, you will only be required to make a deposit of 5% before completion work is commenced. After which, plans must be made on how you will pay the remaining amount.
As a buyer, you have 10 days of cooling off period. This allows you to reconsider the purchase. This is the time in which you should have all your finances approved. At the same time, you have adequate time in which to have your agreement reviewed by your lawyer. If he is dissatisfied with the deal, you can review the contract and elect to back out.
When you buy time and space condos floorplans in gta, you don’t have to waste time waiting for the completion of the condos. This means that you will not wait endlessly as it is in other projects. The realtor will give you the expected completion time and help you to plan ahead of time. This means that you can go about your business without worrying about the completion time.
When you buy Preconstruction condos in gta, you are assured that the pre-sale changes that are normally done by builders will not occur. In fact, you will be protected from changes on the property which are considered material.
After the construction is completed, there is the interim occupancy period in which you will be able to take possession of the unit even when you have not fully owned the unit.
The condo fees for all the Preconstruction condos in gta are set at the lowest possible level to reduce the cost of running the condos.
Also, you will be assured that you will purchase condos that have passed all the city inspection process and are a legal entity. This means that when the condos are finally transferred to you, you become the owner of the units.
Buying Preconstruction condos in gta requires that you make 2 months contribution to the condo reserve. Luckily when dealing in Toronto preconstruction condos, this will only happen at the close of the deal. Moreover, if you will be living in the unit by yourself, you will qualify for the HST rebates.
3 What to Consider When Buying Brand New Condos in Toronto
Are you planning to buy Toronto preconstruction condos, If yes, you have good reasons for reading this post because it gives you a number of factors you should consider if you want to get the best brand new condos in Toronto?
First, choosing a reliable developer is an important step that can help you get your dream home stress free. The location of the condo is an important aspect for anyone looking for brand new condos in Toronto.
How a developer would launch his project is the most important factor you need to consider when buying Toronto preconstruction condos? The reason for this is that the launch has a great impact on the price of the condo. Perhaps you need to consider the pre-construction condos launch cycle.
Before buying any Brand new condos in Toronto, you must consider the location. Choosing an appropriate location ensures that you get a property that guarantees you better returns. It does not matter whether you are planning to rent out the property or you just want to live in it. Carrying out some research on the internet or consulting friends and relatives is key.
Conducting some research on the market standard
This ensures that the condo you are buying is actually worth the amount of money you intend to spend. Talking to independent realtors and looking at some of the most recent sales is also key. However, it is recommended that you make an independent decision because most of the realtors will only tell you the positive side of the condos.
Your budget is one of the most important aspects you need to consider when buying Brand new condos in Toronto. It will guide on the price and the type of condo to buy. Visit the area you have identified before you seal the deal. It will certainly give you an opinion on the amount of money you should pay.
Things to Avoid
When buying condos, there is a lot of uncertainty. As such, it is vital that you carry out your analysis before you choose your investment. Choosing the cheapest apartment is not the best thing to do. The reason for this is that such units may be low in quality. Don’t just look at the size but the layout and other factors such as amenities
Note that the process of buying Brand new condos in Toronto can be a delicate one. Having sufficient knowledge on the property you intend to buy is crucial. Having the right connections can lighten the burden of buying brand new condos in Toronto. If you are buying your first condo, there is need of being extra careful.
If you are buying the property with an aim of reselling it, its profitability is a key factor. However you must remember that indirect return is also an important aspect that should not be ignored. Looking at the neighboring market is a key thing you should certainly factor in. Other information such as property appreciation is also important.